HomeMy WebLinkAboutNote 2009-06-02 (Marin Housing Authority)* * OLD REPUBLIC TITLE COMPANY
* * 545 Fourth Street • San Rafael CA • 94901 • (415) 454-8300 • FAX (415) 453-3563
June 5, 2009
NE C ~ d W E 0
Attn: Ann
The Town of Tiburon JUN _ 8 ?09
1155 Tiburon Blvd.
Tiburon, CA 94920 TOWN ATTORNEY'S OFFICE
TOWN OF TIBURON
Re: Your Loan No.:
Borrower: The Housing Authority of the County of Marin
Escrow No.: 0435009246-CB
Property: 32 Marsh Road, Tiburon, CA 94920
Dear Ann
The escrow covering the new financing on the above referenced property has been closed. The document
securing your loan was recorded on 6/5/2009.
In connection with the completion of this escrow, we are enclosing the following:
1. Certified Copy of HUD-1 Settlement Statement
y 2. original Promissory Note
We appreciated the opportunity to work with you in this transaction and hope that it was handled to your
satisfaction. We look forward to working with you again in the near future.
If you have any questions, please feel free to contact me.
Sincerely,
r
Caren Bearinger
Sr. Commercial Escrow Officer
enclosures: as noted above
CB/cb
PROMISSORY NOTE
$140,000
San Rafael, California
JUNE 2, 2009
FOR VALUE RECEIVED, the HOUSING AUTHORITY OF THE COUNTY OF
MARIN, a public body corporate and politic, (the "Authority"), hereby promises
to pay to the order of the TOWN OF TIBURON, a public body corporate and
politic ("Tiburon"), at 1505 Tiburon Boulevard, Tiburon, CA 94920, or at such
other place or to such other party as Tiburon may from time to time designate in
writing, the principal sum of $140,000 (One Hundred and Forty Thousand
Dollars), together with accrued interest on the unpaid principal from time to time
outstanding, as set forth in this Note until fully paid.
This promissory note (this "Note") shall be due and payable upon any conveyance
to a third party by the Authority of that certain real property and improvements
thereon located at 32 Marsh Road, Tiburon, CA, 94920, and having Assessor's
Parcel No. 058-440-03 (the "Property"). Commencing the date hereof, this Note
shall accrue interest at a per annum percentage rate equal to the average interest
rate paid by the Local Agency Investment Fund during the duration of the loan.
All accrued interest shall be calculated at a daily rate of 1/365 of one (1) year's
interest times the exact number of days principal is outstanding. Accrued interest
shall be due and payable concurrently with the payment of principal as herein
provided.
This Note is secured by that certain Deed of Trust with Assignment of Rents (the
"Deed of Trust") of even date herewith, made by the Authority, as trustor, for the
benefit of Tiburon, as beneficiary, and recorded against, the Property.
Prepayment of the principal and all accrued interest on this Note shall be allowed
at any time, and from time to time, without penalty, and any such prepayment
shall be applied first to interest accrued but unpaid to such date on the outstanding
principal balance hereof immediately preceding such prepayment and then to
reduction of the principal balance hereof.
The Authority shall pay immediately upon demand all costs and expenses of
Tiburon, including reasonable attorneys' fees, if, after default, this Note is placed
in the hands of an attorney or attorneys for collection.
The Authority expressly waives presentment, protest and demand, notice of
protest, demand, intention to accelerate the maturity of this Note and dishonor and
nonpayment of this Note, and all other notices of any kind, and expressly agrees
that this Note, or any payment hereunder, may be extended from time to time
without in any way affecting the liability of the Authority and endorsers hereof.
No single or partial exercise of any power hereunder shall preclude other or
further exercise thereof or the exercise of any other power. No delay or omission
on the part of Tiburon in exercising any right hereunder shall operate as a waiver
of such right or of any other right under this Note.
This Note shall be governed by and construed in accordance with the laws of the
State of California.
IN WITNESS WHEREOF, the undersigned has caused this Note to be
executed at San Rafael, California as of the date first set forth above.
"Authority"
HOUSING AUTHORITY OF THE
CO Y O MARIN
Daniel Nackerman
Executive Director
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